Superior Plus Announces Acquisition of United
Liquid Gas Company Expanding its Wholesale Propane Business in the U.S.

September 14, 2018 05:57 PM Eastern Daylight Time

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) is pleased to announce it has entered
into an agreement to acquire all of the issued and outstanding shares of
United Liquid Gas Company, which operates under the trade name United
Pacific Energy (“UPE”) an independent wholesale propane and butane
distributor in California (the “Acquisition”). The Acquisition will be
funded by drawing on Superior’s existing credit facility and is
anticipated to close early in the fourth quarter, subject to the
satisfaction of certain customary closing conditions.

UPE is a well-established independent wholesale propane and butane
distributor with operations in California. UPE operates four rail
terminals with approximately 9.8 million litres of natural gas liquid
storage capacity; serving over 115 wholesale customers, which include
retail propane distribution companies, primarily in the California
market.

“The acquisition of UPE is consistent with our Evolution 2020 objective
to expand the wholesale propane business through opportunistic
acquisitions across North America and demonstrates our commitment to
further expand our wholesale propane marketing presence in the U.S.,”
said Luc Desjardins, Superior’s President and CEO. “The acquisition of
UPE is our fifth acquisition in 2018 and fourth tuck-in acquisition.”

“UPE is a well-run business with over 20 years serving propane customers
in the California marketplace” said Shawn Vammen, Senior Vice President
of Superior’s Supply Portfolio Management business. “This acquisition
adds significant volume to our portfolio, diversifies our customer and
geographical base and includes an attractive group of assets with
coastal presence that is integral in our continued expansion of the
wholesale business along the western coast of the U.S.”

About the Corporation

Superior consists of two primary operating businesses: Energy
Distribution includes the distribution of propane and distillates, and
supply portfolio management; and Specialty Chemicals includes the
manufacture and sale of specialty chemicals.

This press release may contain forward-looking statements. All
forward-looking statements are based on our beliefs as well as
assumptions based on information available at the time the assumption
was made and on management’s experience and perception of historical
trends, current conditions and expected future developments, as well as
other factors deemed appropriate in the circumstances.No
assurance can be given that these assumptions and expectations will
prove to be correct. Forward-looking statements are not facts, but only
predications and can generally be identified by the use of statements
that include phrases such as "anticipate", "believe", “continue”,
"could", "estimate", “foresee”, “grow”, "expect", "plan", "intend",
"forecast", "future", "guidance", "may", "predict", "project", "should",
"strategy", "target", "will" or similar expressions suggesting future
outcomes. Forward looking statements in this press release include the
expected closing and timing of the closing of Acquisition.

Forward-looking information is not a guarantee of future performance
and involves a number of risks and uncertainties some of which are
described herein. Such forward-looking information necessarily involves
known and unknown risks and uncertainties, which may cause Superior's
actual results to differ materially from any projections of future
results expressed or implied by such forward-looking information. These
risks and uncertainties include risks related to the satisfaction of the
conditions to closing of the Acquisition and performance of the
businesses acquired pursuant to the Acquisition which are similar to the
risks of Superior’s existing Energy Distribution Business and operation
risks related to Superior’s other businesses including those identified
in the Corporation’s 2017 Annual Information Form under the heading
“Risk Factors”, which is available on the SEDAR website (www.sedar.com).
Any forward-looking information is made as of the date hereof and,
except as required by law, Superior does not undertake any obligation to
publicly update or revise such information to reflect new information,
subsequent or otherwise.